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Jun 30, 2025
AXIS Capital Q2 2025 Earnings Report
AXIS Capital delivered strong underwriting results and operating income in Q2 2025, with significant improvements in combined and loss ratios.
Key Takeaways
AXIS Capital posted robust results in Q2 2025, with $216 million in net income and $261 million in operating income. Strong underwriting performance across both insurance and reinsurance segments drove improvements in combined ratios and return on equity.
Net income available to common shareholders was $216 million or $2.72 per diluted share.
Operating income totaled $261 million or $3.29 per diluted share.
Consolidated combined ratio improved to 88.1% from 93.3% in Q2 2024.
Annualized operating ROE reached 23.8% for the quarter.
Revenue by Segment
Forward Guidance
AXIS Capital emphasized continued focus on underwriting discipline, risk selection, and portfolio optimization to drive sustained profitability.
Positive Outlook
- Improved combined ratio due to better underwriting margins.
- Insurance segment delivered strong current year accident loss ratios.
- Favorable prior year reserve development across segments.
- Reinsurance segment experienced lower cat losses YoY.
- Book value per share grew 6% sequentially.
Challenges Ahead
- Catastrophe and weather-related losses still present risk exposure.
- Global macroeconomic uncertainty could pressure margins.
- Competitive market conditions in reinsurance pricing.
- G&A ratio remained elevated at 15.3%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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